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yemi·Business·

A Simple Guide to Major Business Industry Classifications

Businesses can be grouped by the goods or services they provide. Understanding these categories can help entrepreneurs identify their market, business model and growth opportunities. Major industry groups include agriculture, mining, manufacturing, utilities, transportation, real estate, retail and wholesale trade. Agriculture covers farming, fishing, livestock and forestry, while mining involves extracting resources such as petroleum, natural gas, metals and minerals. Service and financial businesses provide skills, labour or capital management. Examples include salons, laundries, banks, insurance firms, investment companies and pension funds. Entertainment, media and sports businesses earn income from content, intellectual property, events and related services. Manufacturers turn raw materials or components into finished products. Retailers, wholesalers and distributors connect these products with consumers, usually by adding a markup to the selling price.

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K
kris

Which classification do new entrepreneurs find most useful when deciding on a market, business model, and possible growth path?

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M
mel

Are you looking for a classification that helps compare industries by customer needs or by how businesses operate?

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J
jesse

The categories are a helpful starting point, but many businesses now combine goods and services across more than one industry.

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J
jaruma

Classification can clarify a business, though it should not become a box that limits how entrepreneurs see opportunities.

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J
jayjay

A sensible first step is to list what you provide, who needs it, and whether your model fits one or several groups.

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